Soft Sales Continue in April!
Prices are steady but struggles in the Alberta economy weighs on housing. The changes to the lending industry and a challenging economic recovery are weighing on sales activity in Calgary's housing market. While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas of the city have been offset by declines in other areas.
The reality is that there's selection heading into the active spring market. For many sellers, they have to decide what price they are willing to accept for a lifestyle change. At the same time, buyers need to understand the supply dynamics and price movements in the specific area, as they may not align with their expectations.
The detached benchmark price for April is $504,500 an increase of 0.44% year-over-year. The apartment benchmark price is $256,700 a decrease of 2.88% and the attached benchmark price is $331,800 an increase of 0.58%. Overall sales for the month totalled 1518 units, compared with 1900 during the same period last year.
The City of Calgary home market has 4.82 months of inventory and the sales to new listings are at 42.53%, meaning 57.47% of homes are not selling. The sale price to list price ratio is 97.27% and 47 days on market.
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For the complete Calgary April 2018 CREB® report, Click Here
For the complete Regional April 2018 CREB® report, Click Here
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